We discussed Bob Janjuah's must-read perspective of the market just over a week ago and his appearance on Bloomberg TV this morning reiterates that strongly held view that we are in midst of central bank anarchy and the rules of the game continue to change. While earnestly admitting his miss in Q1, on the back of under-estimation of just how incredibly un-independent central banks are (and will be proved to be in an election year), the bearded bear goes on to confirm his view of short term 10% correction in the S&P 500, a mid-year recovery on Bernanke's 'Twist'ing to Obama's pressure, and ultimately back to S&P 500 in the 800pt range (and Dow/Gold to hit 1). Dismissing the don't-fight-the-Fed argument with analogies from 2007's 'you have to dance while the music is playing' and the tick-tick-boom carry trades that so many funds and investors follow now, he reminds the interviewer and the audience of how quickly all the trickle of carry gains are lost and then some when the music stops. Must watch to comprehend how smart money is comprehending the ultimate game theory of today's central bank largesse and the clear non-self-sustaining recoveries in global economies.